Zetwerk revenue up 24% to Rs 15,900 crore in FY26

B2B manufacturing platform Zetwerk posted 24% revenue growth to Rs 15,900 crore in FY26, driven by business exits and a scaled-down civil infrastructure vertical, ahead of a planned IPO.

Written by FE Bureau

June 15, 2026 22:05 IST

Ahead of its planned IPO, Zetwerk strengthened its financial position with revenue growth, a Rs 12,000-crore order book and cash reserves of around Rs 3,200 crore. The manufacturing platform continues to expand across energy, precision manufacturing and capital goods while managing profitability challenges.

B2B manufacturing platform Zetwerk posted an estimated 24% revenue growth to Rs 15,900 crore in FY26, up from Rs 12,800 crore a year earlier, according to a CRISIL rating note dated June 3. The recovery was driven by the company’s exit from unprofitable businesses and a scaled-down civil infrastructure vertical, the agency noted.

The Bengaluru-based firm, which spans energy, precision manufacturing, capital goods, and trading, carries an order book exceeding Rs 12,000 crore, executable over the next 12–18 months, it added.

CRISIL pegged Zetwerk’s adjusted net worth at Rs 4,500–4,900 crore as of March 31, 2026, with debt at Rs 2,700–2,800 crore. The rating agency did not disclose profit after tax but noted the net worth estimate factored in expected losses for the year. Zetwerk had reported a net loss of Rs 371 crore in FY25, narrowing from Rs 918 crore in FY24.

On liquidity, the company held cash and equivalents of around Rs 3,200 crore at end-FY26, with roughly Rs 1,900 crore unencumbered.

CRISIL assigned a ‘CRISIL A-/Negative’ rating to Zetwerk’s proposed Rs 500-crore non-convertible debenture issue and reaffirmed the same on existing debt. The negative outlook reflects the risk of higher-than-expected losses from its civil EPC exit, thin operating margins of approximately 2.6%, and working-capital-intensive operations.

The ratings note cited Zetwerk’s customer base of over 1,000 companies and supplier network of 5,000-plus vendors, with clients including NTPC Renewables, Samsung India Electronics, NALCO, and ArcelorMittal Nippon Steel India.

The disclosures come ahead of a planned IPO. Zetwerk has confidentially filed for a public issue targeting up to Rs 4,200 crore. Kotak Mahindra Capital, JM Financial, Avendus, Pantomath, HSBC, Morgan Stanley, and Goldman Sachs have been appointed as bankers. It is currently valued at around $3 billion. Backers include Khosla Ventures, Accel, Lightspeed, Greenoaks, and Avenir.

Founded in 2018, Zetwerk has evolved from a manufacturer-matching marketplace into an end-to-end industrial platform managing engineering, production, and logistics for custom components across sectors.

This article was first uploaded on June fifteen, twenty twenty-six, at five minutes past ten in the night.